Steven Schneider of ROOM 101 and Vertigo Entertainment's Doug Davison and Roy Lee are producing and Gabriel Mason will serve as executive producer.
Participant's executive vice president of production Jonathan King brought in the project and will oversee for Participant, which picked up the property based on Title and Penner's pitch.
'Stacy and Jonathan have come up with a really scary movie that's also a completely realistic environmental cautionary tale,' King said. 'It fits right into Participant's mission to reach new audiences in the effort to inspire and compel social change.'
'We're very excited at the opportunity to elevate a horror subgenre that's always been one of my favourites,' Schneider said. 'This is timely and scary in equal measure.'
'Participant Media is the perfect place for us to be producing a frightening horror film with an even more frightening message,' Lee added.
Title and Penner's past credits include The Last Supper and the Oscar nominated short Down On The Waterfront.
Schneider is currently producing Details for Paramount, The Flock for Warner Bros. and Paranormal Activity for DreamWorks.
Vertigo most recently produced The Eye for Lionsgate and the recent release Shutter with New Regency. It's upcoming projects include the South Korean horror adaptation Tale Of Two Sisters at DreamWorks and Quarantine, a remake of Spanish horror tale [Rec] at Screen Gems.